Spire Global (SPIR) said Friday its Canadian subsidiary was assigned a 72 million Canadian dollars ($50.4 million) contract from the Canadian government to develop a satellite constellation to monitor all active wildfires in Canada from space.

Spire said it will partner with OroraTech to develop the payloads for the satellite constellation. The contract is part of Canada's WildFireSat mission.

The WildFireSat constellation is planned for launch in 2029 and will be operated by the Canadian Space Agency for a minimum of five years, the company said.

Shares of the company were up about 10% in recent trading.

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